US presidential bet Ron Paul revealed in a recent interview that he supports cryptocurrency and blockchain technology and said he’s in favor of competing currencies.
Squawk Alley Interview
In a Squawk Alley interview that was aired on CNBC, the former congressman said the idea behind cryptocurrency is good. He also added that the only time governments should regulate the niche is to prevent fraud.
Paul admitted that he doesn’t know what will happen to cryptocurrencies, but says he wants minimal regulation. However, he claims to have one rule and that’s no fraud. The former Republic representative believes that the government’s only role when it comes to digital currency is to investigate claims of fraud.
Paul also compared cryptocurrency to gold, the traditional asset. He pointed out that the two are similar in the sense that both assets are competing against fiat money. But he also said governments are quite intolerant of competition and even less tolerant of utilizing the Constitution to go up against the fiat dollar. Paul said it was because people can’t use silver and gold.
From Anti to Pro-Crypto
The presidential wannabe is certainly singing a different tune these days. In 2014, Paul had concerns about the support Bitcoin (BTC) and other cryptocurrencies have. But he has since taken on a decidedly pro-crypto mindset that’s bearish on fiat currency.
Paul said he believes that the dollar or any fiat currency won’t last forever. And while the world is currently using fiat, which are paper currencies, he says they’ll ultimately self-destruct because the competition between the dollar, the euro and the yen are not good.